Kwasi Kwarteng will meet with the chief executive officers of Barclays, NatWest, and other big high street banks on his first morning as chancellor of the exchequer.
On Wednesday, the new British chancellor will meet with the heads of the country’s largest banks as he works to stabilize the faltering economy.
Kwasi Kwarteng convened a meeting with the CEOs of financial institutions, including Barclays, Lloyds Banking Group, and NatWest Group, just hours after being appointed to the position.
According to city sources, the meeting’s purpose was to outline the government’s economic strategy as Liz Truss’s administration strives to respond to the worldwide inflation issue.
The £100 billion-plus energy relief package that Ms. Truss is likely to finalize this week is not believed to be Mr. Kwarteng’s top priority.
It is believed that ministers intend to pay for their energy market intervention with more government borrowing rather than bill-subsidizing loans to energy firms.
According to an insider, the City regulator has instructed Britain’s largest banks to describe how they intend to support their customers during the cost of living crisis, and the next chancellor is sure to stress the significance of doing so.
HSBC, Santander UK, and Nationwide, the largest building society in the United Kingdom, are also anticipated to be represented in the discussions with Mr. Kwarteng.
According to a source, Virgin Money may also be present.
As ministers attempt to weather the current economic turmoil, the new chancellor, who will succeed Rishi Sunak, Ms. Truss’s competitor for the Conservative Party leadership, is likely to meet often with the heads of the central banks.
